O thou that art without difference! Thou art Brahmā, and thou art the holder of Pināka. Thou art Indra, and Agni and Pavana, and Varuna, and the Sun, and Yama. And the Vasus, and the Maruts, and the Sādhyas, and the Viçwa gods thou. And, O god, those deities that have come unto thee are even thyself, who art the creator of the Universe,—since thou art in everything. Thou art sacrifice, and thou Vashatkāra, and thou Prajāpati.

In plain words: The gods tell Vishnu that he is everything. He is Brahma, Shiva (holder of the bow Pinaka), Indra, Fire, Wind, Varuna, the Sun and Yama, and all the other gods too. Even the gods standing before him are really part of him, because he is in all things, including sacrifice itself.